Following a rough summer for the Bitcoin network, it seems that the recovery has been quick. Subsequently, the settled value on the network has been increasing like never before. Last week, in only a single day, the Bitcoin network had more than 30 billion settled on it. The blockchain network was deeply affected by the China ban on mining. However, as miners recovered, investors are now motivated as ever to use the SHA-256.
Bitcoin Network Boom
On October 6, the $31 billion worth of transactions settled on the BTC blockchain network was an all-time high that is 40 times more since the beginning of 2020.
To follow the network data, you can visit CoinMetrics. Following this massive increase, the network settlement had a sharp drop as it dipped to $11.6 billion of settlement value 4 days later.
Furthermore, according to the Bitinfocharts, the average transaction value on the Bitcoin network has also been on the rise. With 273% increase, it has reached $732,000 since July.
As for the cherry on top, Wu Blockchain has observed a spike in transactions worth over $10M.
Decentralized Vs. Centralized
Willy Woo, the famous on-chain analyst made a great point on twitter yesterday. He indicated the record high amounts of money moving on Bitcoin network which is noticeably more than centralized opponents. “It’s presently doing ~$190k per second. Compare this to $130k per second by Visa for US customers and $55k per second for Mastercard.” Said Woo.
Considering the huge difference, it seems that Bitcoin is reaching new heights not only in terms of value, but the utility as well. One could only imagine where the network be in a few years if the succession rates continues. So far, Both the institutions and individual investors are much better off using blockchain networks to make transactions. As the decentralized networks such as Bitcoin’s gain dominance, a shadow of doubt reigns over the centralized networks.
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